CJS(SH:600176) Zheng Quan Zhi Xing·2025-06-12 12:53Core Viewpoint - China Jushi Co., Ltd. has decided to abolish its supervisory board and transfer its responsibilities to the audit committee of the board of directors, along with revising its articles of association and related regulations [1]. Summary by Sections Abolishment of Supervisory Board - The company will no longer have a supervisory board, and its powers will be assumed by the audit committee of the board of directors [1]. - The relevant rules governing the supervisory board will be abolished [1]. Revision of Articles of Association - The articles of association have been revised to better protect the rights of the company, shareholders, and creditors, and to regulate the company's organization and behavior [2][3]. - The new articles include changes to the legal representative's appointment and responsibilities, ensuring that the legal representative's actions bind the company [3][4]. Changes in Governance Structure - The legal representative of the company will now be a director, and their appointment or replacement must be approved by a majority of the board [3]. - The articles now specify that the company will consider the interests of employees and consumers, as well as social responsibilities [5]. Shareholder Rights and Responsibilities - The revised articles clarify the rights of shareholders, including the right to receive dividends and participate in decision-making processes [6][7]. - Shareholders are required to comply with laws and regulations, and they cannot withdraw their capital except in legally specified circumstances [8][9]. Financial and Operational Guidelines - The company has established guidelines for capital increases and share transfers, ensuring transparency and fairness in transactions [10][11]. - The articles now include provisions for the company to provide financial assistance for share purchases under specific conditions [12][13]. Audit and Compliance - The audit committee will now have the authority to initiate legal actions on behalf of the company if necessary [19][20]. - The company is required to disclose information regarding any legal proceedings or significant events that may affect its operations [18].